Income Tax Act 2007 section 947

Return periods

Section 947 explains how to determine the return periods that fall within a person's accounting period, using standard quarterly dates as reference points.

• Return periods are based on "quarter dates" — generally the last day of March, June, September and December, or for building societies the last day of February, May, August and November.
• Where at least one quarter date falls within the accounting period, each complete quarter and any remaining stub periods at the start or end of the accounting period each count as separate return periods.
• Where no quarter date falls within the accounting period, the entire accounting period is itself treated as a single return period.
• Building societies follow different quarter dates to align the deduction-at-source rules for deposit-takers and building societies under a single framework.